Question: All the following is true about LIFO except: Question 7Answer a. LIFO generates an inventory of older items. b. The last item put into inventory

All the following is true about LIFO except: Question 7Answer a. LIFO generates an inventory of older items. b. The last item put into inventory is the first item used from the inventory. c. LIFO generates an inventory of newer items. d. Unit cost of the oldest items in inventory times the number of units in inventory equals the total cost of inventory

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